Kislak touts nearly $9M in Hudson County sales

The Gateway in Bayonne, which sold recently for $5.825 million. — Courtesy: The Kislak Co. Inc.

By Joshua Burd

A new 20-unit apartment building in Bayonne has sold for more than $5.8 million, the largest among six investment sales in Hudson County brokered recently by The Kislak Co. Inc.

In a news release, the Woodbridge-based firm announced sales totaling $8.67 million in value. Sales Associate Davis Briones represented the seller in each transaction.

The Bayonne property, a four-story building on Avenue E known as The Gateway, sold for $5.825 million. Briones also represented the purchaser of that complex as well as the buyers in three other sales in Bayonne.

“Davis is a rising star at Kislak and has become a ‘go-to’ expert in and around Bayonne,” Robert Holland, president of Kislak, said in a prepared statement. “These sales are the result of his hard work and dedication to our clients, and I applaud his accomplishments.”

Those properties include a 4,000-square-foot office building at 526 Broadway, which sold for $577,500, and a six-unit building at 123 West 54th St. that sold for $500,000. Separately, a six-unit building at 45 West 54th St. in the city sold for $494,500.

The other Hudson County transaction took place in Jersey City, including the $700,000 sale of a six-unit building at 164 Delaware Ave. and the $575,000 sale of a six-unit property at 167 Clendenny Ave., Kislak said.

“Many Hudson County multifamily properties generate a significant return, often in a relatively short amount of time given the market’s strong tenant base and proximity to New York City,” Briones said. “Demand is soaring among investors for properties. New owners often achieve rent growth shorty after closing.”

The office building, 526 Broadway, is a two-story brick building whose purchaser now plans renovate and use for a medical office.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.